Video: Who Created Money?

The Austrian School of economics offers us great insight to the question: who or what created money? Video Notes Carl Menger, founder of the Austrian School of economics, theorized how…

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Video: The Broken Window Fallacy

The broken window fallacy, introduced by Bastiat in 1850, can still be heard among some mainstream media. Video Notes This is my retelling of Bastiat’s parable of the broken window,…

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Understanding Subjective Value

Understanding subjective value is extremely important to having a good foundation of economic knowledge. Classical economists once held the belief that prices were based on the cost of materials going…

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Tragedy of the Commons

The “tragedy of the commons” illustrates the fundamental differences between the effects of public and private property ownership. “If land is not owned by anybody, although legal formalism may call…

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